Juventus Shares Climb After Agnellis' Holding Rejects Bid From Crypto Firm Tether
By Najat Kantouar and Adria CalatayudJuventus Football Club shares climbed after the holding company of Italy's Agnelli family rejected an offer from cryptocurrency issuer Tether for its majority stake, in the latest attempt by a financial group to push into European soccer.Shares in Juventus were 13% higher in European morning trading Monday, coming back after this year's losses. The shares are still down 19% since the start of the year, giving the club a market value of 937 million euros ($1.10 billion), according to FactSet.Tether, operator of the world's largest stablecoin, on Friday said it submitted a binding all-cash proposal to Exor, the Agnellis' holding company, for its 65.4% stake in Juventus and that it intended to make a public offer for the remaining shares. The price wasn't disclosed, but Tether said it was prepared to invest 1 billion euros to support the Turin-based club if the deal went ahead.In response, Exor said Saturday that its board unanimously rejected Tether's unsolicited proposal.While majority owned by the Agnelli family's company, Juventus is publicly listed. Tether has an 11.5% stake, according to the club's website.European soccer clubs have drawn interest from the financial world lately, as private-equity groups and other financial backers seek to juice lucrative media rights and player transfers.Private-equity group Apollo Global Management last month agreed to acquire a majority stake in Spanish soccer club Atletico de Madrid. The ownership of two other top Italian clubs, Juventus's historic Milan rivals, changed hands in recent years as U.S. buyout group RedBird Capital took over AC Milan for some $1.2 billion in 2022 and U.S. investor Oaktree Capital seized control of FC Inter Milan last year.Tether said its bid aimed to support Juventus in a rapidly changing global sports and media landscape with stable capital and a long horizon from a position of strong financial health. The proposal reflected a belief in Juventus as more than a soccer club, Tether said.But Exor said it had no intention of selling any of its shares in Juventus to El Salvador-based Tether or any other third party."Juventus is a storied and successful club, of which Exor and the Agnelli family are the stable and proud shareholders for over a century, and they remain fully committed to the club," Exor said.Write to Najat Kantouar at [email protected] and to Adria Calatayud at [email protected]